CrossTower eyeing further crypto acquisitions outside of Voyager bid
Crypto trade CrossTower Inc., which is at the moment bidding for the property of Voyager Digital, is reportedly window purchasing for different crypto firm acquisitions.
In a Nov. 24 Bloomberg report, CrossTower CEO Kapil Rathi revealed that the corporate is trying to choose up corporations with a “good set of consumers” and a “good stability sheet” regardless of the present bear market, stating:
“We’re in a fantastic place to both purchase entities who’ve a superb set of consumers with them and a superb stability sheet […] so we’re brazenly several types of corporations from an natural development perspective.”
In September, CrossTower was one of many corporations reported to be competing to amass the property of bankrupt crypto lender Voyager Digital, together with FTX and Binance.
FTX Buying and selling ultimately grew to become the winner of the Voyager bid on Sept. 27 with the sale valued at $1.4 billion.
Nonetheless, with the trade submitting for chapter submitting on Nov. 11, Voyager reopened the bidding course of and a brand new revised supply got here from CrossTower on the identical day.
“We’re engaged on a revised supply that we really feel will profit the Voyager clients and the broader Crypto group. CrossTower has at all times been, and can proceed to be, very community-focussed,” a spokesperson instructed Cointelegraph on the time, with out specifying an quantity.
Whereas CrossTower has nonetheless but to reveal any particulars on its newest bid for Voyager, CrossTower president Kristin Boggiano acknowledged that Voyager’s small $3 million FTX funding wouldn’t play a think about a possible sale for the lending platform.
CrossTower additionally acknowledged that it has “minimal publicity” to FTX-related investments.
Different corporations again in line to purchase out Voyager’s property embody Binance and blockchain-focused enterprise capital agency Wave Monetary, who had additionally expressed curiosity within the preliminary public sale for Voyager’s property in September.
Associated: Voyager’s public sale didn’t serve depositors’ finest pursuits, alleges Wave Monetary rep
In gentle of current occasions with FTX, Boggiano acknowledged that the agency has now positioned an additional emphasis on corporations which can be extremely clear and compliance-focused:
“There’s a chance on this market to supply a compliance targeted platform and to deliver the transparency and belief that folks have been hoping for.”
Nonetheless, Rathi stated the buying and selling platform’s danger urge for food to purchase out corporations has leveled off with the agency trying to undertake a barely extra cautious method over the brief to mid-term.
CrossTower is a United States crypto asset trade that was based in 2019. It’s a comparatively small trade with solely $103,816 in buying and selling quantity during the last 24 hours with 13 spot markets, according to CoinMarketCap.